Utah Admin. Code R311-212-2 - Declaration of Loan Application Periods, and Loan Application Submittal
(1) Application for a loan must be made on
forms incorporated in Section
R311-212-10, in accordance
with Subsection
19-6-409(9).
(a) loan applications will be accepted during
application periods designated by the director.
(2) At least one application period shall be
designated each calendar year if, on January 1:
(a) the current balance due for outstanding
loans is less than 25% of the cash balance of the Petroleum Storage Tank Fund;
and
(b) the cash balance of the
Fund exceeds $10,000,000.
(3) If the requirements of Subsections
R311-212-2(2)(a) and R311-212-2(2)(b) are not met on January 1, but are met at
a later time in the calendar year, the director may designate an application
period.
(4) An open application
period will close if:
(a) the current balance
due for outstanding loans exceeds 25% of the cash balance of the Fund;
or
(b) the cash balance of the Fund
is less than $10,000,000.
(5) If an open application period closes as
required by Subsection R311-212-2(4), loan applications currently under review
when the application period closes may be renewed when a new application period
opens, unless the applicant must re-apply as required by Subsection
R311-212-5(1).
(6) Applications must be received by the
director by 5 p.m. on the last day of the application period.
(7) Loan applications received outside the
application period will be invalid.
Notes
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